The Senate Banking Committee postponed a vote on the renomination of Securities and Exchange Commissioner Caroline Crenshaw, a move widely attributed to intense pressure from the cryptocurrency industry. Crenshaw, known for her skepticism towards crypto, faces an uncertain future at the SEC unless President-elect Donald Trump chooses to renominate her. The crypto industry actively lobbied against Crenshaw, citing her role in the Biden administration's crackdown on the industry.
The Senate Banking Committee has scrapped a vote to advance the renomination of Democrat and crypto-skeptic Securities and Exchange Commissioner Caroline Crenshaw to another term as Wall Street's top officer. The move comes after an intense lobbying effort by major players in the crypto industry to convince Senate Democrats to block President Biden’s renomination of Crenshaw to another five-year term.
The threat was taken seriously and resulted in last week's vote being rescheduled for Wednesday morning after Senate Republicans blocked Banking Committee Chairman Sherrod Brown's efforts to hold a special off-the-floor committee vote on Crenshaw and Biden’s Financial Stability Oversight Council nominee Gordon Ito outside of normal Senate hours. Some Democrats are taking umbrage at big crypto’s political clout.
CRYPTOCURRENCY REGULATION POLITICS LOBBYING SENATE
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